Here's what the new National Mascot Hall of Fame will look like

A rendering of the Mascot Hall of Fame in Whiting, Ind., which is set to open in late 2017.

A new hall of fame celebrating the country's most famous sports mascots will soon begin construction less than 20 miles from Chicago, just over the Indiana border.

The city of Whiting, Ind., which two years ago announced plans to build a $20 million, 25,000-square-foot facility along Lake Michigan, now says it will break ground on the venue this fall with the goal of opening late next year.

The building itself will be publicly funded thanks to millions of dollars in new property tax revenue generated by BP's 2013 expansion of its nearby oil refinery, according to a city statement. Exhibits and interactive elements inside the venue will be funded through sponsorship and donations.

Organizers have released renderings of the kid-friendly hall of fame's design (see them below) and predicted that it will draw at least 50,000 visitors a year.

The National Mascot Hall of Fame was created in 2005 and currently has 17 pro and college team members, including the Phillie Phanatic, the Phoenix Suns' Gorilla, Ohio State's Brutus Buckeye and Wisconsin's Bucky the Badger. No mascots for Chicago teams or schools are in the hall of fame.

Also on board with the project as an honorary chairperson of the hall is ESPN college football analyst Lee Corso, well-known among fans for donning the mascot headgear on the network's "College Gameday" show to predict the winner of each week's biggest game.

Corso will be part of a capital campaign to help fund programming at the new hall and "endow future operations" of the building, according to a statement.

Check out more renderings of the design, put together by Cincinnati-based firm Jack Rouse Associates:

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Mascot Hall of Fame

An interior atrium at the planned Mascot Hall of Fame.

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Mascot Hall of Fame

The "Department of Furry Arts," featuring a build-a-mascot interactive exhibit.

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Mascot Hall of Fame

The venue's "Science of Silliness Lab."

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Mascot Hall of Fame

The Phuzzical Education department of the hall of fame will feature interactive mascot experiences.